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General Market Analysis 26/05/23

Positive News Bolsters Markets

Investors are starting to see some light at the end of the tunnel for this week’s trading as we move into the final sessions, progress in Washington on the debt issue and positive earnings reports have helped US stock markets to rally. The Nasdaq led the way, surging 1.71% after Nvidia beat its revenue forecast, and the S&P rose 0.88% with the Dow lagging well behind, closing 0.11%. German GDP data showing that the economy had dropped into recession this year kept the Euro on the back foot and the dollar maintained its strong recent run against the major currencies.

Gold Losing its Luster.

Gold bulls have become increasingly concerned with the price action in the metal recently as despite volatility in the market on risk trades it has continued to drop in value and hasn’t picked up much of a bid on its safe haven status. The allure of the dollar and its increasing yields has superseded the attraction of being long of Gold and we are now approaching some crucial levels. After hitting all-time highs earlier this month it has been one-way traffic for the shiny metal, and it now sits on some significant long term support levels both on the hourly and daily charts. A break below support around $1,932/oz level could open the way for a move down to $1,800/oz.

Busy End to the Trading Week Again

Markets to set to pick up in the last few sessions of the trading week after a positive day on Wall St. The focus for the day will once again fall on the US as investors look keenly for a resolution to the government debt issue and we have the release of the FOMC’s favourite inflation indicator, the Core PCE Price Index data. There is very little to trouble the scorers in the Asian session and traders will look to the UK on the European open with the release of the latest Retail Sales numbers but expect the real moves to come in the final session of the week. The expectation is for an increase of 0.3% in the Core PCE number and expects some significant moves in the market if the result is off this target, however, investors will still expect sentiment to be dominated by the debt situation.

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